20-F










Exhibit 4.2  



TIKCRO LTD. 



TIKCRO 2003 STOCK
OPTION PLAN 
(As amended on
December 9, 2007) 



      A.
          NAME AND PURPOSE 



         1.       
          Name: This plan, as amended from time to time, shall be known as the
          “Tikcro 2003 Stock Option Plan” (the “Plan”). 



         2.       
          Purpose: The purpose and intent of the Plan is to provide incentives to
          employees, directors, consultants and contractors of Tikcro Ltd., a company
          organized under the laws of the State of Israel, and any of its subsidiaries or
          affiliates (unless the context suggests otherwise – collectively, the
          “Company”) by providing them with opportunities to purchase
          Ordinary Shares (“Shares”) of the Company, pursuant to a plan
          approved by the Board of Directors of the Company (the “Board”)
          which is designed to enable the Company to issue options to purchase Shares
          (“Options”) and/or Shares and/or restricted shares (as provided
          in Section 13 herein) (“Restricted Stock”) and/or
          restricted stock units (as provided in Section 13 herein)
          (“RSUs”) (each of Options, Shares, Restricted Stock or RSUs
          – “Awards”). Grants of Awards pursuant to the Plan will be
          subject to applicable tax laws, which may include, but not be limited to, the
          provisions of the US Internal Revenue Code of 1986, as amended (the
          “Code”), regarding incentive stock options
          (“ISO’s”) (Code Section 422), US non-statutory stock
          options (“NSO’s”) (not intended to satisfy the
          requirements of Code Section 422), or to Section 102 of the Israeli Income Tax
          Ordinance [New Version] 1961. 



      B.
          GENERAL TERMS AND CONDITIONS OF THE PLAN 



    3.        Administration:  



		    3.1        The
Board may appoint a Share Incentive Committee which will consist of such number of
Directors or officers of the Company, as may be fixed from time to time by the Board. The
Board shall appoint the members of the Committee, may from time to time remove members
from, or add members to, the Committee and shall fill vacancies in the Committee however
caused. The Plan will be administered by the Share Incentive Committee, or where not
permitted according to any applicable law, by the Board (collectively – the “Committee”).  
















		    3.2        The
Committee shall select one of its members as its Chairman and shall hold its meetings at
such times and places as it shall determine. Actions taken by a majority of the members
of the Committee, at a meeting at which a majority of its members is present, or acts
reduced to, or approved in, writing by all members of the Committee, shall be the valid
acts of the Committee. The Committee may appoint a Secretary, who shall keep records of
its meetings and shall make such rules and regulations for the conduct of its business,
as it shall deem advisable.  







		    3.3        Subject
to the general terms and conditions of this Plan, the Committee shall have the full
authority in its discretion, from time to time and at any time, to determine (i) the
persons (the “Grantees”) to whom Awards shall be granted , (ii) the
number of Shares subject to each Award, (iii) the time or times at which the same
shall be granted, (iv) the schedule and conditions, including performance conditions
(if applicable), on which such Awards may vest or be exercised and on which such Shares
shall be paid for, (v) the type of plan or taxation route that shall govern the Awards,
as applicable (ISO, NSO, Section 102 or otherwise), (vi) to establish sub plans (“Sub
Plan”) for certain Grantees, as determined by the Committee (each Sub Plan shall
be considered a Plan for purposes of this Plan), and/or (vi) any other matter which
is necessary or desirable for, or incidental to the administration of the Plan.  







		    3.4        The
Committee may, from time to time, adopt such rules and regulations for carrying out the
Plan as it may deem necessary. No member of the Board or of the Committee shall be liable
for any act or determination made in good faith with respect to the Plan or any Award
granted thereunder.  







		    3.5        The
interpretation and construction by the Committee of any provision of the Plan or of any
Award thereunder shall be final and conclusive unless otherwise determined by the Board.  















    4.        Eligible
Grantees: 



		    4.1        The
Committee, at its discretion, may grant Awards to any employee, director, consultant or
contractor of the Company. Anything in this Plan to the contrary notwithstanding, grants
of Awards to directors, shall be authorized and implemented only in accordance with the
provisions of applicable law.  







		    4.2        The
grant of an Award to a Grantee hereunder, shall neither entitle such Grantee to
participate, nor disqualify him from participating, in any other grant of Awards pursuant
to this Plan or any other incentive plan of the Company.  







    5.       Grant
of Awards and Issuance of Shares, Dividends and Shareholders Rights: 



		    5.1        The
effective date of the grant of an Award (the “Date of Grant”) shall be
the date the Committee resolved to grant the Award, unless otherwise. specified by the
Committee in its determination relating to the grant of such Award.  







		    5.2        Anything
herein to the contrary notwithstanding, Awards granted under the Plan to Grantees may be
granted by the Company to a trustee designated by the Committee and, if required under
applicable law, approved by the Israeli Commissioner of Income Tax (the “Trustee”),
and the Trustee shall hold each such Award and the Shares issued upon exercise thereof in
trust (the “Trust”) for the benefit of the Grantee in respect of whom
such Award was granted (the “Beneficial Grantee”). All certificates
representing Shares issued to the Trustee under the Plan shall be deposited with the
Trustee, and shall be held by the Trustee until such time that such Shares are released
from the Trust as herein provided.  







		    5.3        (a)
With respect to Awards granted to the Trustee under Section 102(b) of the Israeli Income
Tax Ordinance (“102 Awards”), the following shall apply:  







		    (i)        A
Grantee granted 102 Awards shall not be entitled to sell the Shares received
          upon vesting or exercise thereof, as applicable (the “Exercised
          Shares”), or to transfer such Exercised Shares (or such 102 Awards)
          from the Trust prior to the “End of the Period” (as defined in
Section           102 of the Income Tax Ordinance);  
















		    (ii)        Any
and all rights issued in respect of the Exercised Shares, including bonus
          shares but excluding cash dividends (“Rights”), shall be
issued           to the Trustee and held by the Trustee until the End of the Period, and
such           Rights shall be subject to the taxation route which is applicable to such
          Exercised Shares.  









	 	        Notwithstanding
the aforesaid,  Exercised Shares or Rights may be sold or transferred, and the Trustee
may release such Exercised Shares (or 102 Awards) or Rights from Trust, prior to the End
of the Period, provided however, that tax is paid or withheld in accordance with Section
102(b)(4) of the Ordinance, and subject to the other provisions of this Plan.  







		    (b)        In
the event an Award is granted under Section 102(c) of the Income Tax           Ordinance
to a Grantee who is an employee at the time of such grant, if the           Grantee’s
employment is terminated, for any reason, such Grantee shall           provide the
Company with a guarantee or collateral, as determined by the           Committee,
securing the payment of all taxes required to be paid upon the sale           of the
Exercised Shares or its issuance, as the case may be.  







		    5.4        Dividend.
All Exercised Shares shall entitle the Grantee thereof to receive dividends with respect
thereto. For so long as Shares deposited with the Trustee on behalf of a Beneficial
Grantee are held in the Trust, the cash dividends paid or distributed with respect
thereto shall be distributed directly to such Beneficial Grantee, subject to any
applicable taxation on distribution of dividends, and when applicable subject to the
provisions of Section 102 of the Ordinance, the 102 Rules and the regulations or orders
promulgated thereunder.  







		    5.5        Voting
Rights; Shareholder Rights. Unless determined otherwise by the Committee, any
Exercised Shares or Restricted Stock shall be entitled to the voting rights at the Company’s
general meeting attached to such Exercised Shares or Restricted Stock (which shall not be
restricted with respect to voting rights unless otherwise determined by the Committee).
As long as the Exercised Shares or Restricted Stock are held by the Trustee, the voting
rights at the Company’s general meeting attached to such Exercised Shares or
Restricted Stock will remain with the Trustee. However, the Trustee shall not be
obligated to exercise such voting rights at general meetings nor notify the Grantee of
any Shares held in the Trust, or of any meeting of the Company’s shareholders.
Notwithstanding the aforesaid, each Beneficial Grantee will be entitled to receive a
voting proxy from the Trustee with respect to the Exercised Shares or Restricted Stock
held by the Trustee for the benefit of such Beneficial Grantee and to vote any such
shares in accordance with said voting proxy at general meetings of the Company.  
















	 	        Subject
 to the aforesaid in this section and without deviating fro the aforesaid, the holder of
an Award shall have no shareholder rights with respect to the Shares subject to such
Award until such person (i) shall have his or her Restricted Stock or RSUs vest; and/or
(ii) shall have exercised his/her Option, if applicable; and (iii) has paid the Exercise
Price, if any; and (iv) has become the record holder of the Exercised Shares.  







         6.       
          Reserved Shares: The total number of Shares that may be subject to Awards
          granted under this Plan and the Company’s other existing incentive plans
          (collectively, the “Plans”) shall not exceed 15,000,000 in the
          aggregate, subject to adjustments as provided in Section 11 hereof. Without
          derogating from the foregoing, the Committee shall have full authority in its
          discretion to determine that the Company may issue, for the purposes of the
          Plans, previously issued Shares that are held by the Company, from time to time,
          as Dormant Shares (as such term is defined in the Companies Law, 1999). All
          Shares under the Plan, in respect of which the right hereunder of a Grantee to
          purchase the same shall, for any reason, terminate, expire or otherwise cease to
          exist, shall again be available for grant through Awards under the Plans. 



    7.        Vesting
and Re-pricing: 



		    7.1        The
Committee in its discretion may grant to Grantees Awards available under the Plan. Unless
otherwise specified by the committee, each Option shall expire ten years after the Date
of Grant or otherwise as provided in section 10.1 below, and each Option and/or RSU
and/or Restricted Stock shall vest in accordance with the vesting schedule that shall be
determined by Committee (per Grantee), at the Committee’s sole discretion.  







		    7.2        Repricing
of Options. Subject to applicable law, the Committee shall have full authority to, at
any time and from time to time, without the approval of the shareholders of the Company,
(i) grant in its discretion to the holder of an outstanding Option, in exchange for the
surrender and cancellation of such Option, a new Option having an exercise price lower
than provided in the Option so surrendered and canceled and containing such other terms
and conditions as the Committee may prescribe in accordance with the provisions of the
Plan, or (ii) effectuate a decrease in the Exercise Price (see Section 8 below) of
outstanding Options. At the full discretion of the Committee such actions may be brought
before the shareholders of the Company for their approval.  


















    8.        Exercise
Price of Options: The exercise price per Share covered by each           Option shall
be determined by the Committee in its sole and absolute discretion           in
accordance with applicable law, subject to guidelines as shall be issued by           the
Board from time to time (“Exercise Price”).  



    9.        Exercise
of Options:  



		    9.1        Options
shall be exercisable pursuant to the terms under which they were awarded and subject to
the terms and conditions of the Plan. Anything herein to the contrary notwithstanding,
but without derogating from the provisions of Section 10 hereof, if any Option has
not been exercised and the Shares covered thereby not paid for within ten (10) years
after the Date of Grant (or any shorter period determined by the Committee) or otherwise
as provided in section 10.1(d) below, such Option and the right to acquire such Shares
shall terminate, all interests and rights of the Grantee in and to the same shall ipso
facto expire. The option committee may limit execution of Options for certain periods.  







		    9.2        Each
payment for Shares shall be in respect of a whole number of Shares, and shall be effected
in cash or by a bank’s check payable to the order of the Company, or such other
method of payment acceptable to the Company.  







         10.       
          Termination of Employment or Service with regards to Options: 



		    10.1        In
the event that a Grantee who was an employee of the Company on the Date of Grant of any
Options ceases, for any reason, to be employed by the Company (“Termination of
Employment”), all Options theretofore granted to such Grantee when such Grantee
was an employee of the Company shall terminate as follows (for the purpose of this Plan,
the date of Termination of Employment shall be deemed as occurring not later than two
months after notifying the employee of termination, or receiving notice of termination
from the employee, as the case may be, unless determined otherwise by the Company’s
management (“Date of Termination of Employment”)):  

















		    (a)        All
such Options, which are not vested at the Date of Termination of Employment
          shall terminate immediately.  







		    (b)        If
the Grantee’s Termination of Employment is due to (i) the Grantee           has
committed any flagrant criminal offense, or (ii) the Grantee has           committed
a fraudulent act towards the Company, or (iii) the Grantee caused
          intentionally, by act or omission, any financial damage to the Company, all the
          Options whether vested or not shall ipso facto expire immediately and be of no
          legal effect.  







		    (c)        Subject
to Sub Sections (a) and (b) above, unless otherwise determined by the
          Committee, all vested Options shall expire six months following the Date of
          Termination of Employment, if not exercised prior to such date.  







		    10.2        The
transfer of a Grantee from the Company to the affiliated Company, shall not be deemed a
Termination of Employment for purposes hereof. Whether an authorized leave of absence on
military, governmental or public service or otherwise, or termination of employment under
certain conditions, shall constitute Termination of Employment for the purposes hereof
shall be conclusively determined by the Committee.  







		    10.3        In
the event that a Grantee who is a director, consultant or contractor of the Company,
ceases, for any reason, to serve as such prior to the vesting of any of his Options, all
Options theretofore granted to such Grantee which are not yet so vested in such Grantee
shall terminate on such date of cessation of service as a director, consultant or
contractor (“Date of Cessation”) and the provisions of Sections 10.1(a),
10.1(b), 10.1(c) and 10.1(d) shall apply ,mutatis mutandis, to such cessation of
service. For the purposes of this Section 10, Date of Cessation shall mean:  







		    (a)        With
regard to directors, the date on which a director submits notice of           resignation
from the Board or the date on which the shareholders of the Company           remove such
director from the Board; and  







		    (b)        With
regard to consultants and contractors, the date on which the consulting or
          contractor agreement between such consultant or contractor, as applicable, and
          the Company or the date on which either of the parties to such agreement sends
          the other notice of its intention to terminate said agreement.  



















		    10.4        Notwithstanding
the foregoing provisions of this Section 10, the Committee may provide, either at
the time an Option is granted or thereafter, that such Option may be exercised after the
periods provided for in this Section 10, but in no event beyond the term of the
Option.  







    11.        Adjustment
Upon Changes in Capitalization:  



		    11.1        Unless
determined otherwise by the Committee, Subject to any required action by the shareholders
of the Company, the number of Shares subject to each outstanding Award, and the number of
Shares which have been authorized for issuance under the Plan but as to which no Awards
have yet been granted or which have been returned to the Plan upon cancellation or
expiration of an Award, as well as the price per share of Shares subject to each such
outstanding Award, shall be proportionately adjusted for any increase or decrease in the
number of issued Shares resulting from a stock split, reverse stock split, stock
dividend, combination or reclassification of the Shares or the payment of a stock
dividend (bonus shares) with respect to the Shares or any other increase or decrease in
the number of issued Shares effected without receipt of consideration by the Company; provided,
however, that conversion of any convertible securities of the Company shall not be
deemed to have been “effected without receipt of consideration”. Such
adjustment shall be made by the Committee, whose determination in that respect shall be
final, binding and conclusive. Except as expressly provided herein, no issuance by the
Company of shares of stock of any class, or securities convertible into shares of stock
of any class, shall affect, and no adjustment by reason thereof shall be made with
respect to, the number or price of Shares subject to an Award.  







		    11.2        Unless
otherwise provided by the Board, in the event of the proposed dissolution or liquidation
of the Company, all outstanding Awards will terminate immediately prior to the
consummation of such proposed action.  







		    11.3        If,
upon a Merger or Sale of all of the Company’s Assets (as hereinafter defined) (each
of which shall be referred to herein as a “Corporate Transaction”), the
consideration received (the “Consideration”) shall be the exchange of
the securities of the Company for the securities of another corporation or a parent or
subsidiary of such other corporation (each, a “Successor Entity”), then,
each Award may, among other things, at the sole and absolute discretion of the Committee,
either:  















		    (i)        Be
substituted for a Successor Entity Award such that the Grantee may exercise           the
Successor Entity Award or have it vested, as the case may be, for such           number
and class of securities of the Successor Entity which would have been           issuable
to the Grantee in consummation of such Corporate Transaction, had the           Option
been exercised or the RSU or Restricted Stock been vested, immediately           prior to
the effective date of such Corporate Transaction, given the exchange           ratio or
consideration paid in the Corporate Transaction, the vesting of the           Awards and
such other terms and factors that the Committee determines to be           relevant for
purposes of calculating the number of Successor Entity Awards           granted to each
Grantee; or  







		    (ii)        Be
assumed by any successor entity such that the Grantee may exercise the Option
          or have his/her RSU vest, for such number and class of securities of the
          successor entity which would have been issuable to the Grantee in consummation
          of such Corporate Transaction, had the Option been exercised or the RSU or
          Restricted Stock been vested immediately prior to the effective date of such
          Corporate Transaction, given the exchange ratio or consideration paid in the
          Corporate Transaction, the vesting of the Awards and such other terms and
          factors that the Committee determines to be relevant for this purpose.  







	 	        In
the event of a clause (i) or clause (ii) action, appropriate adjustments shall be made to
the Exercise Price per Share to reflect such action.  







	 	        Immediately
 following  the  consummation  of  the  Corporate   Transaction,   all  outstanding unexercised or unvested Awards, as
applicable, shall terminate and cease to be outstanding, except to the extent assumed by a
successor entity.









	 	        Notwithstanding
the foregoing, and without derogating from the power of the Committee pursuant to the
provisions of this Plan, the Committee shall have full authority and sole discretion to
determine that any of the provisions of Sections 11.3 shall apply in the event of a
Corporate Transaction in which the consideration received by the shareholders of the
Company is not solely comprised of securities of a Successor Entity, or in which such
consideration is solely cash or assets other than securities of a Successor Entity.  







        Anything
herein to the contrary notwithstanding, the provisions of this Section 11.3 shall be
subject to all the terms and provisions of the Plan remaining in full force and effect. 











	 	        “Merger” means
a merger or consolidation or a similar business combination, in which securities
possessing more than fifty percent (50%) of the total combined voting power of the Company’s
outstanding securities are transferred to a person or persons different from the persons
holding those securities immediately prior to such transaction.  







	 	        “Sale
of All of the Company’s Assets” means the sale, transfer or other disposition
of all or substantially all of the Company’s assets.  







		    11.4        Subject
to any provision in the Article of Association of the Company and to the Board’s
sole and absolute discretion, in the event of the sale or any other disposition
(including in a Corporate Transaction) of all or substantially all of the issued and
outstanding share capital of the Company (“Sale”), each Grantee shall be
obligated to participate in such Sale and sell his or her Shares and/or Awards in the
Company, provided, however, that each such Share or Award shall be sold at
a price equal to that of any other Ordinary Share sold under the Sale (and, unless
determined otherwise by the Board, in respect of Options, minus the applicable Exercise
Price), while accounting for changes in such price due to the respective terms of any
such Award, and subject to the absolute discretion of the Board.  







	 	        With
respect to Shares or Awards held in Trust the following procedure will be applied: The
Trustee will transfer the Shares or Awards held in Trust and sign any document in order
to effectuate the transfer of such Shares or Awards, provided, however,
that the Trustee receives a notice from the Board, specifying that: (i) a Sale is to
occur, and therefore the Trustee is obligated to transfer the Shares or Awards held in
Trust under the provisions of this Section 11.4; and (ii) the Company is obligated to
withhold at the source all taxes required to be paid upon release of the Shares or Awards
from the Trust and to provide the Trustee with evidence, satisfactory to the Trustee,
that such taxes indeed have been paid; and (iii) the Company is obligated to transfer the
consideration for the Shares or Awards directly to the Grantees.  







	 	        Whether
any sale or disposition of “substantially all of the issued and outstanding share
capital of the Company” constitutes a “Sale” for purposes of this section
shall be finally and conclusively determined by the Board in its absolute discretion.  







    12.        Limitations
on Transfer: Unless otherwise determined by the Committee, no           Award shall
be assignable or transferable by the Grantee to whom granted           otherwise than by
will or the laws of descent and distribution, and an Option           may be exercised
and/or RSU may vest during the lifetime of the Grantee only by           such Grantee or
by such Grantee’s guardian or legal representative. The           terms of such
Award shall be binding upon the beneficiaries, executors,           administrators, heirs
and successors of such Grantee.  












    13.        Restricted
Stock Units and Restricted Stock:  



	 	        Restricted
Stock Units 








		    13.1        Subject
to the sole and absolute discretion and determination of the Committee, the Committee may
decide to grant under this Plan, Restricted Stock Unit(s), referred to as RSU(s). A RSU
is a right to receive a Share of the Company, under certain provisions, for a
consideration of no more than the underlying Share’s nominal value. In addition,
upon the lapse of the vesting period of an RSU, such RSU shall automatically vest into an
Exercised Share of the Company and the Grantee shall pay to the Company its nominal value
as a precondition to any receipt of such Share.  







		    13.2        Unless
determined otherwise by the Committee, in the event of a Termination of Employment, all
RSUs theretofore granted to such Grantee when such Grantee was an employee, director,
service provider, consultant or constructor of the Company, as the case may be, that are
not vested on the Date of Cessation, shall terminate immediately and have no legal
effect.  







		    13.3        Notwithstanding
the foregoing provisions of this Section 13, the Committee shall have the
discretion, exercisable either at the time an RSU is granted or thereafter, to permit an
unvested RSU to continue to vest into an Exercised Share, during the applicable vesting
period even following the Date of Cessation, with respect to one or more additional
installments in which the Grantee would have vested under the RSU had the Grantee
continued in the employ or service of the Company.  







		    13.4        Notwithstanding
the foregoing provisions of this Section 13, and for the avoidance of doubt, the
transfer of a Grantee from the Company to an affiliated Company, shall not be deemed a
Termination of Employment for purposes hereof. Whether an authorized leave of absence on
military, governmental or public service or otherwise, or termination of employment under
certain conditions, shall constitute Termination of Employment for the purposes hereof
shall be conclusively determined by the Committee.  







		    13.5        All
other terms and conditions of this Plan applicable to Options, shall apply to RSUs mutatis
 mutandis, and, for the purpose of reading and interpreting this Plan, the term
Option(s) shall be substituted by the term RSU(s), as applicable.  















	 	        Restricted
Stock 







		    13.6        The
Committee may grant Shares that are subject to vesting and re-sale restrictions, referred
to as Restricted Stock, to any eligible employee, director or consultant, including under
Section 102 of the Ordinance. Each grant of Restricted Stock under the Plan shall be
evidenced by a written agreement between the Company and the Grantee (the “Restricted
Stock Agreement”), in such form as the Committee shall from time to time
approve, which Restricted Stock Agreement shall comply with and be subject to the
following terms and conditions, unless otherwise specifically provided in such Agreement:  







               	 	(i) 	
                    Number of Shares. Each Restricted Stock Agreement shall state the number
                    of shares of Restricted Stock to be subject to an Award. 


                    



               	 	(ii) 	
                    Restrictions. Shares of Restricted Stock may not be sold, assigned,
                    transferred, pledged, hypothecated or otherwise disposed of, except by will or
                    the laws of descent and distribution, for such period as the Committee shall
                    determine from the date on which the Award is granted (the “Restricted
                     Period”). The Committee may also impose such additional or
                    alternative restrictions and conditions on the Shares of Restricted Stock, as it
                    deems appropriate including the satisfaction of performance criteria determined
                    by the Committee. Certificates for Shares issued pursuant to Restricted Stock
                    Awards shall bear an appropriate legend referring to such restrictions, and any
                    attempt to dispose of any such shares in contravention of such restrictions
                    shall be null and void and without effect. During the Restricted Period, such
                    certificates shall be held in escrow by an escrow agent appointed by the
                    Committee, or, if a Restricted Stock Award is made as a 102 Award, by the
                    Trustee. In determining the Restricted Period of an Award the Committee may
                    provide that the foregoing restrictions shall lapse with respect to specified
                    percentages of the awarded Shares pursuant to a vesting schedule determined by
                    the Committee. 


                    



               	 	(iii) 	
                    Forfeiture. Subject to such exceptions as may be determined by the
                    Committee, if the Grantee’s continuous employment or director or consultant
                    relationship with the Company or any Subsidiary shall terminate for any reason
                    prior to the expiration of the Restricted Period of an Award, any shares
                    remaining subject to restrictions shall thereupon be forfeited by the Grantee
                    and transferred to, and reacquired by, the Company or a Subsidiary at no cost to
                    the Company or Subsidiary, subject to all applicable law. 


                    



               	 	(iv) 	
                    Ownership. Unless determined otherwise by the Committee, during the Restricted
                    Period the Grantee shall possess all incidents of ownership of such Shares,
                    subject to Section 5.5 and Section 13.4(ii) above, excluding the right to
                    receive dividends with respect to such Shares. 


                    



     14.        Term
and Amendment of the Plan:  



		    14.1        The
Plan shall terminate upon the earliest of (i) the expiration of the ten (10)-year
period measured from the date it was adopted by the Board, or (ii) the termination
of all outstanding Awards in connection with a Corporate Transaction. All Awards
outstanding at the time of a clause (i) termination event shall continue to have full
force and effect in accordance with the provisions of the Plan and the documents
evidencing such Awards.  















		    14.2        Subject
to applicable laws and regulations, the Board in its discretion may, at any time and from
time to time, amend this Plan, including effecting the following amendments without the
approval of the Shareholders of the Company: (i) expanding the class of participants
eligible to participate in the Plan; and/or (ii) expanding the types of options or
awards provided under the Plan and/or (iii) extending the duration of the Plan.
Notwithstanding the aforesaid, at the full discretion of the Board any of the above
actions may be brought before the shareholders of the Company for their approval.
However, no amendment or modification shall adversely affect any rights and obligations
with respect to Awards at the time outstanding under the Plan, unless the applicable
Grantee consents to such amendment or modification.  







    15.        Tax
Consequences: All tax consequences and obligations regarding any           other
compulsory payments (of the Company or the Grantee) arising from the grant           or
exercise of any Award, from the payment for, or the subsequent disposition           of,
Shares covered thereby or from any other event or act (of the Company or the
          Trustee or the Grantee) hereunder, shall be borne solely by the Grantee, and
the           Grantee shall indemnify the Company and the Trustee and hold them harmless
          against and from any and all liability for any such tax or other compulsory
          payment, or interest or penalty thereon, including without limitation,
          liabilities relating to the necessity to withhold, or to have withheld, any
such           tax or other compulsory payment from any payment made to the Grantee.  



    16.        Miscellaneous:  



		    16.1        Continuance
of Employment. Neither the Plan nor the grant of an Award thereunder shall impose any
obligation on the Company to continue the employment of any Grantee, and nothing in the
Plan or in any Award granted pursuant thereto shall confer upon any Grantee any right to
continue in the employ of the Company, or restrict the right of the Company to terminate
such employment at any time.  















		    16.2        Governing
Law. The Plan and all instruments issued thereunder or in connection therewith, shall
be governed by, and interpreted in accordance with, the laws of the State of New York.
All disputes related to this Plan shall be resolved in accordance with commercial
arbitration law by a single arbitrator selected by the Company.  







		    16.3        Application
of Funds. The proceeds received by the Company from the sale of Shares pursuant to
the exercise or vesting of Awards granted under the Plan will be used for general
corporate purposes of the Company.  







		    16.4        Multiple
Agreements. The terms of each Award may differ from other Awards granted under the
Plan at the same time, or at any other time. The Committee may also grant more than one
grant of Awards to a given Grantee during the term of the Plan, either in addition to, or
in substitution for, one or more Awards previously granted to that Grantee. The grant of
multiple Awards may be evidenced by a single instrument of grant or multiple instruments
of grant, as determined by the Committee.  







		    16.5        Non-Exclusivity
of the Plan. The adoption of the Plan by the Board shall not be construed as
amending, modifying or rescinding any previously approved incentive arrangement or as
creating any limitations on the power of the Board to adopt such other incentive
arrangements as it may deem desirable, including, without limitation, the granting of
share-based Awards otherwise than under the Plan, and such arrangements may be either
applicable generally or only in specific cases.